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RESOLUTION NO. 2014-004 <br />RESOLUTION OF THE GOVERNING BOARD OF THE <br />SANTA ANA FINANCING AUTHORITY AUTHORIZING THE <br />EXECUTION AND DELIVERY BY THE AUTHORITY OF A <br />MASTER INSTALLMENT PURCHASE AGREEMENT, A <br />FIRST SUPPLEMENT TO MASTER INSTALLMENT <br />PURCHASE AGREEMENT, AN INDENTURE, AN ESCROW <br />AGREEMENT AND A PURCHASE CONTRACT IN <br />CONNECTION WITH THE ISSUANCE OF SANTA ANA <br />FINANCING AUTHORITY WATER REVENUE REFUNDING <br />BONDS, SERIES 2014 (PAYABLE SOLELY FROM <br />INSTALLMENT PAYMENTS SECURED BY WATER SYSTEM <br />NET REVENUES), APPROVING THE ISSUANCE OF SUCH <br />BONDS IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT <br />TO EXCEED $17,000,000, AUTHORIZING AN OFFICIAL <br />STATEMENT IN CONNECTION WITH THE OFFERING AND <br />SALE OF SUCH BONDS AND AUTHORIZING THE <br />EXECUTION OF NECESSARY DOCUMENTS AND <br />CERTIFICATES AND RELATED ACTIONS <br />BE IT RESOLVED BY THE GOVERNING BOARD OF THE SANTA ANA <br />FINANCING AUTHORITY AS FOLLOWS: <br />Section 1. The Governing Board of the Santa Ana Financing Authority hereby <br />finds, determines and declares as follows: <br />A. The City of Santa Ana (the "City ") previously financed and refinanced the <br />costs of the acquisition, construction and installation of certain water system <br />capital improvements (the "Project ") pertaining to the City's water system <br />(the `Water System "); <br />B. In order to accomplish such financing and refinancing, the Authority and the <br />City entered into a Master Installment Purchase Agreement dated as of <br />February 1, 2004 (the "Prior Master Installment Purchase Agreement "), by <br />and between the City and the Authority, and a First Supplement to Master <br />Installment Purchase Agreement dated as of March 1, 2004 (the "Prior First <br />Supplement" and together with the Master Installment Purchase Agreement, <br />the "Prior Installment Purchase Agreement "), between the City and the <br />Authority; <br />C. Whereas, the Authority previously issued its Water Refunding Revenue <br />Bonds, Series 2004 (the "Prior Bonds ") and now believes that it may achieve <br />a debt service savings by causing a redemption of the Prior Bonds, and the <br />City would desire to prepay Installment Payments due under the Prior <br />Installment Purchase Agreement; <br />SAFA Resolution No. 2014 -004 <br />Page 1 of 5 <br />